MANILA, May 20 (Reuters) - The Philippine Bureau of Internal
Revenue (BIR) released on Monday data on April collections:
KEY DATA: Apr Mar Feb Jan Dec Nov
(in Php bln) 149.0 74.8 74.5 94.7 88.6 110.8
Yr/yr change(pct) 28.2 -0.5 8.5 11.3 18.7 19.4
- The Bureau of Internal Revenue (BIR), which accounts for
two-thirds of total tax collections, beat its April target by
6.3 billion pesos ($153 million) or by 4.4 percent. It is the
agency's highest monthly collection.
- April is an important revenue month because it covers
annual income tax filings. From a year earlier, April
collections were up 28.2 percent.
- Collections in January to April totalled 393.1 billion
pesos, almost 32 percent of full-year revenue target.
- The agency is targeting to collect 1.24 trillion pesos
this year. Last year's collections totalled 1.06 trillion pesos,
below the agency's full-year goal of 1.07 trillion pesos.
- Manila's efforts to collect more tax revenue by waging a
campaign against tax evasion and corruption in the collection
process, helped the country win two investment grade ratings
from Fitch in March and from Standard & Poor's in May.
- The government wants to narrow its budget deficit to 2.0
percent of gross domestic product this year, from 2.3 percent of
GDP in 2012, and keep it at that level until President Benigno
Aquino steps down in 2016.
($1 = 41.2225 Philippine pesos)
(Reporting by Karen Lema; Editing by Anand Basu)
Keywords: PHILIPPINES ECONOMY/REVENUES
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